Kühne Holding acquires Pharma Contract Manufacturer Aenova from BC Partners

As part of the transaction, BC Partners’ advised funds will reinvest alongside Kühne Holding AG and continue to support Aenova as a minority shareholder. Financial terms were not disclosed. The transaction is subject to customary closing conditions and approvals of the competent merger control authorities.

The Aenova Group is one of the world's leading CDMOs (Contract Development and Manufacturing Organizations) in the pharmaceutical and healthcare industry. Headquartered in Starnberg, near Munich, and with approximately 4,000 employees in 14 manufacturing sites worldwide, the company is a one-stop service provider for the development, manufacturing, and packaging of drug products for pharma companies around the globe. Under the ownership of BC Partners, the Aenova Group has developed into one of the ten largest CDMOs in the world. In 2023 Aenova has delivered record results with pro-forma revenue of €832m, an increase of 17% on prior year.

The Kühne Holding AG, based in Schindellegi (Switzerland), combines Klaus-Michael Kühne’s business interests. With an entrepreneurial focus, it holds a majority stake in Kühne+Nagel International AG and is the largest single shareholder of Hapag-Lloyd AG, Deutsche Lufthansa AG and Brenntag SE. Investment and advisory firm E3X Partners, in close partnership with Kühne Holding AG, drove the structuring and execution of the proposed acquisition.

The Allen & Overy core team, led by partner Dr Nils Koffka and counsel Dr Sebastian Remberg, consisted furthermore of senior associate Dr Jan Frederik Holst and associate Jonas Schuck (all Corporate/M&A/Private Equity, Hamburg), partner Dr Heike Weber and associate Damian Snop (both Tax, Frankfurt), counsel Dr Ioannis Thanos (Anti-Trust, Hamburg) and senior associate Dr Stephan Bühner (Public Law, Frankfurt).